ONGC-NTPC Green to Acquire Ayana Renewables in ₹19,500 Crore Deal.

ONGC-NTPC Green Energy Ltd. (ONGPL) announced reecntly that it will acquire Ayana Renewable Power for an enterprise value of ₹19,500 crore (approximately $2.3 billion).

The equal joint venture between ONGC Green (OGL) and NTPC Green Energy (NGEL) has signed a Share Purchase Agreement (SPA) with the National Investment and Infrastructure Fund (NIIF), British International Investment (BII), and other stakeholders to acquire Ayana.

With a portfolio of 4.1 gigawatts (GW) of operational and under-construction renewable energy assets, the acquisition marks ONGPL’s first major strategic move since its establishment in November 2024. The deal is expected to accelerate the company’s growth in the renewable energy sector and aligns with the broader net-zero targets of its parent firms, ONGC and NTPC, set for 2038 and 2050, respectively.

Founded by BII in 2018, Ayana has expanded its renewable energy portfolio across solar, wind, and round-the-clock (RTC) projects. The company has also earned a top ESG rating, ranking first in Asia and among the top three globally in the renewable energy sector, according to ISS ESG.

Commenting on the deal, Sanjay Kumar Mazumder, CEO of OGL, said, “Ayana’s acquisition is a strategic milestone in OGL and NGEL’s pursuit of a clean energy revolution. This move accelerates India’s transition to a low-carbon economy by leveraging our technical expertise, industry relationships, and financial strength.”

Rajiv Gupta, CEO of NGEL, highlighted that the acquisition supports NGEL’s goal of reaching 60 GW of renewable capacity by FY32, positioning it as a leading utility-scale renewable energy developer in India.

Vinod Giri, Managing Partner of NIIF’s Master Fund, stated that the transaction unlocks value while enabling continued investment in transformative infrastructure opportunities. Srini Nagarajan, Managing Director and Head of Asia at BII, expressed confidence in Ayana’s growth potential and reaffirmed BII’s commitment to supporting India’s clean energy transition.

The transaction is subject to regulatory approvals and completion of conditions precedent. Deloitte Touche Tohmatsu India LLP served as the buy-side transaction advisor, with JSA Advocates and Solicitors providing legal counsel. Standard Chartered, along with Khaitan & Co and Cyril Amarchand Mangaldas, advised the sellers on the deal.

HBL